Journal of Corporate Finance最新文献_第10页

Does share pledging affect workplace safety? 股权质押会影响工作场所的安全吗？

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-05-31 DOI: 10.1016/j.jcorpfin.2025.102833

Kenuo Li , Lijuan Zhang

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引用次数: 0

Central bank digital currency and corporate cash holdings: Evidence from China's e-CNY pilot 央行数字货币与企业现金持有量：来自中国e-CNY试点的证据

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-06-28 DOI: 10.1016/j.jcorpfin.2025.102847

Guanglong Zhang , Kam C. Chan

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引用次数: 0

Director informativeness following board gender balancing: Evidence from insider trading 董事会性别平衡后的董事信息：来自内幕交易的证据

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-07-23 DOI: 10.1016/j.jcorpfin.2025.102851

B. Espen Eckbo , Bernt Arne Ødegaard

{"title":"Director informativeness following board gender balancing: Evidence from insider trading","authors":"B. Espen Eckbo , Bernt Arne Ødegaard","doi":"10.1016/j.jcorpfin.2025.102851","DOIUrl":"10.1016/j.jcorpfin.2025.102851","url":null,"abstract":"<div><div>The market reaction to nonroutine trades by executives and directors is conventionally viewed as increasing in the market’s assessment of insider informativeness about firm value. Using the market reaction as our instrument, we test the proposition that female directors appointed after Norway’s pioneering board gender-balancing quota law exhibit a degree of informativeness similar to that of male directors. Consistent with this proposition, we first show that the average market reaction to female director purchases jumps from a prequota value of zero to a level similar to that of male directors. Second, the market reaction is increasing in the board’s director network connectivity (but not in director busyness). Third, regardless of gender, the positive post-quota market reaction to insider purchases does not translate into holding-period adjusted abnormal performance. Fourth, insider purchase activity by both male and female directors increases significantly during the year following the 2008 financial crisis (when boards were already gender-balanced). This gender-neutral increase in insider purchases caused by the exogenous market-wide stock price drop further suggests that female directors are as informed as their male counterparts about firm value.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102851"},"PeriodicalIF":5.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144756910","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The dark side of CEO inside debt: Evidence from stock price crash risk CEO内部债务的阴暗面：来自股价崩盘风险的证据

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-08-05 DOI: 10.1016/j.jcorpfin.2025.102860

Amir Gholami, Ahmed Elnahas

引用次数: 0

Subsidizing uncertain investments: The role of production technology and imprecise learning 补贴不确定投资：生产技术和不精确学习的作用

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-06-20 DOI: 10.1016/j.jcorpfin.2025.102829

Christian Riis Flor , Kevin Berg Grell

引用次数: 0

Reconciling the evidence on board diversity mandates 调和董事会多元化要求的证据

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-06-17 DOI: 10.1016/j.jcorpfin.2025.102838

Daniel T. Greene , JiHoon Hwang , Vincent J. Intintoli , Kathleen M. Kahle

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引用次数: 0

Backing away from ESG? The effect of sovereign rating downgrades on corporate sustainability 背离ESG？主权评级下调对企业可持续性的影响

IF 5.9 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-07-24 DOI: 10.1016/j.jcorpfin.2025.102856

Periklis Boumparis , Chris Florackis , Omrane Guedhami , Sushil Sainani

{"title":"Backing away from ESG? The effect of sovereign rating downgrades on corporate sustainability","authors":"Periklis Boumparis , Chris Florackis , Omrane Guedhami , Sushil Sainani","doi":"10.1016/j.jcorpfin.2025.102856","DOIUrl":"10.1016/j.jcorpfin.2025.102856","url":null,"abstract":"<div><div>We examine how sovereign rating downgrades affect firms' environmental, social, and governance (ESG) policies, leveraging the sovereign “ceiling” rule as a quasi-natural experiment that generates exogenous variation in corporate credit ratings. Under this rule, firms originally rated at or above the sovereign rating (bound firms) face a higher likelihood of downgrade following a sovereign downgrade. Using a difference-in-differences (DiD) setting, we find that bound firms experience a decline in ESG performance following a sovereign downgrade. This decline occurs only after the downgrade, not before, validating the parallel trends assumption. Our analysis further indicates that this effect is not driven by financing frictions and is concentrated in countries with a shareholder-centric orientation, and among firms with low institutional ownership from countries with strong social norms. Additional evidence suggests that affected firms experience an increase in ESG-related incidents, damaging their reputation post-downgrade. Overall, our findings underscore the crucial role of sovereign risk in shaping corporate sustainability practices.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102856"},"PeriodicalIF":5.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144780162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Bitcoin price volatility: Effects of retail traders, illegal users, and sentiment 比特币价格波动：零售交易者、非法用户和市场情绪的影响

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-06-06 DOI: 10.1016/j.jcorpfin.2025.102837

Kose John , Jingrui Li

引用次数: 0

Demand-driven corporate social responsibility: Symbolic versus substantive change after environmental disasters 需求驱动的企业社会责任：环境灾难后的象征性变革与实质性变革

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-09-01 Epub Date: 2025-06-18 DOI: 10.1016/j.jcorpfin.2025.102816

Juan Manuel García Lara , Beatriz García Osma , Irina Gazizova , Akram Khalilov

引用次数: 0

The impact of local corruption on firms' narrative R&D disclosures 地方腐败对企业叙述性研发披露的影响